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14-Mar-2011 11:12 AM

Indonesia requests pension fund purchases Garuda shares

Indonesia's Government plans to request state pension fund, PT Jaminan Sosial Tenaga Kerja and PT Perusahaan Pengelola Aset, to purchase shares of Garuda Indonesia owned by the underwriters of the carrier’s IPO, at USD0.06 (IDR550) to USD0.07 (IDR600) rupiah each (Bloomberg, 11-Mar-2011). Garuda's shares increased the most since its 11-Feb-2011 trading debut following the announcement, surging as much as 10% on 11-Mar-2011.